Tuesday, 14 August 2012

UK Construction industry decline slows down

The construction industry received some encouraging news last week as it was announced that the performance in the period April to June was not as poor as the Office for National Statistics had thought when estimating growth figures earlier in the year.

The ONS had predicted a 5.2% fall in construction output but it has now announced that the decline was only 3.9%. This news coupled is likely to add 0.1% points to growth of GDP. Similar news was also announced on manufacturing.

Although this is only a very small step in the right direction, it is a happy surprise to hear that estimations are 'better than expected' rather than the 'worse than expected' news that we have become accustomed to.

We have seen how the feel good factor can change the mood of the country with London 2012, Pinnacle Consulting hope that a feel good factor can follow for the building and construction industry, especially as everyone should be very proud of the key role our industry played in making the Olympics happen.